As The President is beginning his second term, and our town of Washington DC is besieged with an amazing level of pomp and celebration, it is plain to see that we are in a very vibrant and thriving area of the United States. As the world watches the Inauguration festivities, and sees our beautiful city's most amazing monuments, those of us who live here already know what a great place DC is to live year round.
We are used to the occasional motorcade, never ending special events and all of the associated traffic snarls, but we are also benefiting not just from the culture and diversity, but from the great job market in our Nation's Capitol. It's not just government jobs that make our local economy thrive, but also the military, tech, contracting positions and tourism and travel that seem to constantly keep the NOVA / DC area's home prices much higher than most areas in the US.
As our Nation watches the Inauguration festivities, it is hard not to have a sense of optimism for the future of our country and in turn for the economy to keep on improving in the next four years. Whatever side of the House and Senate you favor, it is plain to see that most Americans just want our lawmakers to get along and continue solving our countries past and current economic and political problems.
The effects on our local real estate market are easy to see if you are a Realtor, or someone looking to buy or sell a home in the Northern Virginia or DC area. Demand is strong and inventory is pretty low, meaning that good properties are flying off the market, often over asking price.
As someone who is not just a Realtor, but also an investor in real estate, I believe that now is a great time to buy a home, or to sell your home and upgrade to a larger home, or in some cases to down size. I have bought a few properties in the last several years, as I have seen some great deals in our market lately, and I continue to have a very positive view on the future of our local NOVA / DC market.
Remember, when you are watching and reading stories about the real estate market's recovery in the main stream media, it may already be too late. Interest rates are still at historic lows and prices are still affordable in the NOVA / DC market.
If you can buy a home for the same cost as renting it, than it may make sense to go ahead and buy, and this is often the case in our market. Of course there are added tax benefits that may help you save money too. My advise to my clients is that if you are planning to be in the NOVA / DC area for the next 3 - 5 years, than you should definitely consider buying a home. If you ever have to move, the rental market is also strong, so you can always make money (or at least break even) while renting your property.
With prices currently rising in the NOVA / DC area, you might want to get in before it's too late! And make sure you are working with a licensed Realtor like myself who will guide you through the process and look out for your interests every step of the way!
Ivan Katz is a licensed Realtor in DC and VA and can be reached at inkrealtor@gmail.com
***Please remember that Realtors are not accountants or lawyers, and if you want any such advice you should seek out those specific professionals to answer your questions. Realtors are not licensed to give financial or legal advice!***
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